South Carolina Code 29-3-670. Deficiency shall not be extinguished on purchase by mortgagee
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Terms Used In South Carolina Code 29-3-670
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
When any sale of land is made under the circumstances under which such a sale is permitted by § 29-3-630 any balance of the mortgage debt over the purchase price of the land at such sale shall not be extinguished by reason of the mortgagee or his assigns becoming the purchaser at such sale, whether the mortgage contained a provision to that effect or not.